Choosing a Niche Market

by Kori Rodley Irons | More from this Blogger

03 Jul 2008 11:44 AM

Not all of us have business that appeal to a wide market. In fact, I would argue that there are plenty of home business that actually appeal to a very small, niche market-individuals with specific needs who are looking for a specific product or service. It is not as if most of us sell candy or hamburgers which have a mass market appeal. Figuring out what our small, niche market is and how we can position our business within it can be a challenge and a mystery.

By doing research and figuring out who needs and wants your product or service, you can save yourself a lot of time and resources by identifying that niche you need to market to. There is no sense in trying to sell ice to Eskimos or trying to sell something to people that really have no need for it. By doing classic market research, you will determine who needs and wants your product or service, and who is likely to pay you for it.

You might find that you have the potential of appealing to more than one niche market. For example, organic food products are appealing to individuals who want to save the environment and "go green" and to those who are concerned about their personal health for one reason or another. While there might be some overlap between these two markets, they could also be potentially very different. There is no law that says you can only market to one niche-as a matter of course you may find you appeal to several little pockets of people, but that you have to approach each niche market a little differently. Understanding your market is key to figuring out how to sell to them. You may need to represent your business a little differently to different markets and by knowing who they are and consciously choosing which niche markets you'll prospect, you can make decisions regarding *how* to do it.

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